18.4 billion in bonuses for underperforming and asking us for money? One way or another, these bonuses came out of our pockets.

Quote:

Obama: big Wall Street bonuses 'outrageous'

Wall Street firms paid out $18.4 billion in bonuses to employees in 2008

BREAKING NEWS
updated 27 minutes ago

President Barack Obama believes the multi-billion dollar bonuses that Wall Street banks awarded themselves for 2008 are "outrageous", White House spokesman Robert Gibbs said on Thursday.

The New York comptroller reported this week that Wall Street firms paid out $18.4 billion in bonuses to employees, despite receiving multi-billion dollar payouts from the government to save them from collapse in the face of the worst financial crisis in decades.

Gibbs told a news conference that Obama had a one-word reply when he heard of the reports: "outrageous".

"We're not going to be able to do what is needed to be done to stabilize our financial situation if the American people read about this type of outrageous behavior," he said.

Gibbs said Obama would talk in more detail about the issue before meeting his Treasury Secretary Timothy Geithner at the White House later on Thursday.

The New York comptroller said it was unclear if the banks had used taxpayer money for the bonuses but he urged the Obama administration to examine the issue closely.

Gibbs also said the White House believed that the first $350 billion of the financial bailout program had failed to live up to Americans' expectations. The Obama administration and many lawmakers have said there were too few strings attached to the money released to shore up banks.

The only thing is, they'll still give money to the banks and the banks know it. Here comes more socialization with that type of behavior.

County Mike

01-29-2009 07:36 PM

I think it's time to withdraw all my money and hide it under my mattress.

rockdawg21

01-29-2009 07:39 PM

If only we can do that with our tax money.

Mac

01-29-2009 08:59 PM

Quote:

Originally Posted by County Mike

I think it's time to withdraw all my money and hide it under my mattress.

LOL . Ive been banking at the " National Bank of Serta Posturpedic" For years !

Bonnie

01-30-2009 11:40 PM

Quote:

Originally Posted by Mac

LOL . Ive been banking at the " National Bank of Serta Posturpedic" For years !